This invention relates to apparatus for automatically binding bundles of bills or like sheets of paper or similar material. It is understood that the term "sheets" as used herein and in the claims appended hereto represents all such articles that can be handled by this apparatus.
For the sake of convenience in handling, a large number of bills or the like are usually arranged in separate bundles each consisting of a given number of such bills or the like, with a tape or ribbon wound around each bundle. Conventionally, this operation of typing up each bundle of bills has been performed manually, at the expense of substantial time and labor.
On the other hand, there has been known and used apparatus for automatically binding packages or like objects, in which a tape or cord is guided around the object by an arm turning therearound. However, since this binding scheme requires a large free space around the object to be bound, the size of the apparatus inevitably increases. Adaptation of this prior art apparatus for binding bundles of bills or like sheets is therefore by no means a wise policy, because the apparatus for this purpose now under consideration is required to be a tabletop type and should therefore has to be as small in size as possible.